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Question for Realtors: Appraisals


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#1 MikkiStreak

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    Posted 30 April 2008 - 11:45 PM

    I'm starting to dig into property values for a couple homes/neighborhoods we've been looking at. So I've been checking out the appraisal district records to see what the house appreciation has been like over time, as well as other homes in the immediate vicinty, and also checking to see how frequently ownership rolls over and whether there are many rental homes in the neighborhood.

    So, I know the mortgage company does an appraisal to determine what the LTV is going to be. But I'm wondering how that measures up to county appraisals? Like--- if a home is for sale with an asking price of $200,000 but the county tax roll shows the actual value (without exemptions) at $180,000: is it more likely the mortgage appraisal will come in closer to the sale price, or closer to the tax value? (or does that even matter?)

    #2 TammyWright

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    Posted 01 May 2008 - 12:24 AM

    tax appraisals are way off in my book...they are just not updated enough.

    also, they do not take into account things like upgrades, views, etc...usually tax appraisals use the appriasal that was used to obtain the loan for purchase or refi. or an area of distress where property value has gone down can sometimes get an appraisal to bring their tax appraisal down to bring their property taxes down...hope this made sense...trying to type with baby on my lap.

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    #3 MikkiStreak

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      Posted 01 May 2008 - 12:32 AM

      Thanks Tammy! That's what I was thinking because I know that even when the county re-asseses, it's just a drive-by without taking interior updates into consideration. (or adding value for additions/upgrades that had permits issued for the work.)

      Are there public sites available where people can research market property value (without being a licensed realtor)?

      #4 TammyWright

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      Posted 01 May 2008 - 12:36 AM

      there is a site but it is not very accurate..your best bet may just be to contact an agent and have them do a CMA for you....sometimes agents do it as a gesture of goodwill hoping you will use them in the future.

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      #5 Alyssa

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        Posted 01 May 2008 - 08:08 AM

        Maria,

        I was going to say the same thing as Tammy... it also does vary from state to state. In PA, particularly Phila county the tax assessments are usually 1/8 of the market price (crazy system).

        I suggest calling a realtor and asking them to do you a favor like Tammy suggested.

        #6 Janet

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          Posted 01 May 2008 - 10:56 AM

          I am not an expert, but I know just speaking about my own house, the tax assessment value is about 200K less than our most recent appraisal. I think the tax records always lag behind a few years (and sometimes the increases are capped, which created an artificial number).




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